Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-28
The virginia Side of the Debt Ques

10 me razor OF He ItSIutcH'
As you say in your leader OF this
morning, eve (you) have published
many communications urging the debt
commission appointed on the part of
the State to agree to any reasonable
compromise of the debt troubles that
may be offered" and it seems to me it
is now but fair that the other side
should be heard. That word "rea-
sonable is just the rock on which the
commission is likely to split.
The agents of the bondholders, or
other interested parties, have been ex-
ceedingly active since the appointment
of the commission in their efforts to
create the impression that there is a
public sentiment in the State favOring
q more liberal, or, they would perhaps
call il, a more reasonable settle
ment with her creditors than that pro-
yided by the Riddlebergcr act. GA
hundred or more of the businessmen
of this city" have signed a petition,
doubtless at the instance Of these par
ties. to that effect, and this will be
citedto the representatives OF the bond
holders, rs it is cited by you, as an In
dication of public sentiment, when it
is well. known fact that nine out OF
every ten men will sign any paper that
nav be presented to them, though it be
a petition to have them hanged, pro-
yided they are not at the same time
asked for contribution to pay the ex-
penses of the execution. The only ef-
| feet of such petitions is to produce a
false impression upon the minds OF the
agents of the bondholders as to the
temper and disposition of the people,
and thus prevent rather than promote
a settlement.
The desire for a compromise is
"strong." The people are weary of
the agitation of this subject-an agita-
| ton so disastrous TO the interests OF the
State. while recent acts of the agents
and attorneys of the coupon bond
holders, coupled with the decisions Of
the Federal courts, have, to borrow the
forcible expression of the late Hon.
Robert Tombs fused in different con-
nection), "fatigued their Indignation "
to such an extent that those who were
the staunchest debt-payers eight years
ago would to-day sooner vote forrepudi-
alton than for paying $50, DOC, 900 ofprin-
cipal, though the rate of interest We're
reduced to below 3 per cent. They de-
sire compromise, but itisacompromise
based on the Riddleberger act, which
they have declared reasonable y; to
which both political parties in the State
are pledged, and which neither can
abandon without violating its pledges
made to the people.
You ask, "Shell a million or two OF
dollars separate the two commissions ?
Shall difference of ninety or hun
bred thousand dollars Of annual inte-
rest prevent COMPROMISED" As | I'M
derstand it the difference between the
two commissions is not q million or
two OF dollars OF principal, but more
than ten millions, the annual interest
on which is not ninety or hundred
thousand dollars. but more than
three hundred thousand. 1t is the
bondholders who should be urged to
make concessions, not the representa-
tives of the State. The State offers
what she is able to pay. The recent
message OF the Governor demonstrates
that her entire revenue will be absorb
ed in the payment OF the necessary ex-
penses of the government, the support
| OF her asylums. institutions of learning,
and herpublic schools, and the payment
Of 3 per cent. upon the debt as fixed by
the Riddleberger act, and according TO
| a recent estimate OF annual receipts,
made by the Auditor of Public Ac-
| counts, in order to meet this interest
| it would be necessary either 10 reduce
expenditures or increase taxation. The
State is willing to surrender the last
dollar left after meeting her necessary
expenses TO pay to the extent of her
ability. What can she do more Why
] talk OF a compromise which would de-